I found this interesting site that shows how Obama’s Economic Stimulus plan could help Hawaii’s Construction industry. (Of course it’s a site run by the construction industry so it might be a bit slanted of a report)
The economic impact of stimulus investment in Hawaii:
- An additional $1 billion in nonresidential construction spending would add about $2 billion to the state’s GDP, about $685 million to personal earnings, and would create or sustain 19,000 jobs.
- 6,500 of these jobs would be on-site construction jobs located within Hawaii.
- 3,000 of these jobs would be direct and indirect jobs associated with construction supply materials and services. The majority of these jobs would be located within the state, but there would be some out-of-state jobs supported.
- 9,500 of these jobs would be created when construction, supplier and service providers spend their incomes. These jobs would be based in Hawaii and throughout the economy.
- In 2007, a total of 34,000 jobs were supported by the direct and indirect outlays associated with the state’s nonresidential construction spending.
- The construction industry (residential plus nonresidential) employed 38,000 workers in October 2008.
Nonresidential Construction Spending:
- Nonresidential construction spending in Hawaii totaled an estimated $1.8 billion in 2007.
- This direct construction spending in the state contributed a total of $3.6 billion (5.9 percent) to state GDP of $61.5 billion.
- Direct construction spending in the state added $1.2 billion in additional personal earnings to the benefit of Hawaii residents working in the state.
- In 2007 annual pay of all construction workers in Hawaii averaged $59,300, 58.5 percent more than the average for all private sector employees.
- Hawaii had 3,000 construction firms in 2006, of which 86.9 percent were small businesses employing fewer than 20 workers.
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Filed under: Economy, Hawaii, Politics, State Affairs Tagged: | Economy, Hawaii, National Politics, Obama, Obama Economic Stimulus, Politics, State Affairs
